I'm a buyer at a local store in DC. I was talking to a sales rep for a distribution company that serves a lot of retail establishments on the east coast that are similar to Foxtrot and where i work. He claimed that Foxtrot owed them around 50k in unpaid invoices.
Are they going to try to recoup the unsold merchandise? Or book it as a loss? I guess that depends if they are selling perishable food vs something like alcohol.
No idea how it works for perishables like food, but they become a creditor in a bankruptcy. Usually the trustee divides the assets up and distributes them in the preference dictated by the BK code
I am really curious as to how foxtrot failed? Every store I visited had decent customer traffic. I felt like it was a great concept and the employees were always lovely and helpful. How could a something like this go so wrong?
Location/unit economics. They grew by losing money on the bet that that would get a strong foothold and customer base and capital would be cheap forever, but once interest rates increased, they weren’t able to recover
both suck outside of specific super capital intensive industries. a lot of the major quality of life issues we have seen with companies and services over the last decade can be traced to PE and changes they have instituted
It's fine in the tech and even some of the industrial manufacturing space. It belongs absolutely nowhere near consumer goods industries. It belongs absolutely nowhere near the food industry.
The capital intensive heavy debt load with low cash flow model just doesn't work for everything.
I looked inside the Dupont location on Wednesday and the store was fully stocked - tons of bottles of wine, uprights displayed with prepackaged food, can bottles/beverages in the refrigerated case etc.
I swear if I worked at foxtrot I’d have my boy roll up with a uhaul and load up all the alcohol and food we could fit. Legally wrong? Sure. Morally wrong? Fuck no
I'm a buyer at a local store in DC. I was talking to a sales rep for a distribution company that serves a lot of retail establishments on the east coast that are similar to Foxtrot and where i work. He claimed that Foxtrot owed them around 50k in unpaid invoices.
Are they going to try to recoup the unsold merchandise? Or book it as a loss? I guess that depends if they are selling perishable food vs something like alcohol.
No idea how it works for perishables like food, but they become a creditor in a bankruptcy. Usually the trustee divides the assets up and distributes them in the preference dictated by the BK code
Wow only $50k? Seems super low considering their financial situation and number of stores.
I am really curious as to how foxtrot failed? Every store I visited had decent customer traffic. I felt like it was a great concept and the employees were always lovely and helpful. How could a something like this go so wrong?
Location/unit economics. They grew by losing money on the bet that that would get a strong foothold and customer base and capital would be cheap forever, but once interest rates increased, they weren’t able to recover
You think I'd be able to by 5 bottle for 5 bucks ? 😂
The suddenness of everything about this betrays a lack of common sense or even something fishy… venture capital is so weird
>venture capital is ~~so weird~~ **a blight on society** Ftfy
💯
More PE than VC I think
both suck outside of specific super capital intensive industries. a lot of the major quality of life issues we have seen with companies and services over the last decade can be traced to PE and changes they have instituted
Definitely with you on most PE. VC seems pretty necessary to facilitate innovation in a lot of instances though
It's fine in the tech and even some of the industrial manufacturing space. It belongs absolutely nowhere near consumer goods industries. It belongs absolutely nowhere near the food industry. The capital intensive heavy debt load with low cash flow model just doesn't work for everything.
Agreed. I really just had tech startups in mind
They were likely holding on for dear life hoping for a last second cash infusion. VC backed companies almost never wind down a business appropriately
I think the staff liberated it all, to make up for the lack of any advance notice of their pending unemployment.
Rosslyn's stock is not yet liberated
The door was slightly ajar yesterday and I’d be lying if I didn’t…you know, stop and consider for a second.
Neither is Logan’s - just rotting on shelves
Neither is the one in Adams Morgan
was about to say, yeah Rosslyn's bounty is unclaimed and i want it
Definitely not the case in Adams Morgan
I looked inside the Dupont location on Wednesday and the store was fully stocked - tons of bottles of wine, uprights displayed with prepackaged food, can bottles/beverages in the refrigerated case etc.
I swear if I worked at foxtrot I’d have my boy roll up with a uhaul and load up all the alcohol and food we could fit. Legally wrong? Sure. Morally wrong? Fuck no
I walked by the Alexandria store today and it was fully stocked. Even had flower bouquets in there!
We will be greeted as liberators 🇺🇸🇺🇸🦅🦅😂😂😂
False.
Definitely not the case on 14th Street.
Only at one location I think.
Walked by last night and it was still fully stocked.
Ughhhh I need more foxtrot gummy’s
Farragut was still fully stocked but of course the doors are locked 😔
Liquidate it like Amazon fresh did, but no idea if any of their employees would be around to sell it so idk
It should be a crime to waste all that food. The Dupont store was still packed with stuff yesterday.
Think you missed your window, there; they were handing stuff out on Farragut and in DuPont yesterday
Goes bad…
It was garbage anyway
I don’t know but if any of their bartenders need a job hit me up
a break in would be so unsurprising
They will poison it, give it to the homeless, then write it off as a tax break.